Bitcoin had been facing significant downwards pressure earlier this week that sent it as low as $7,000 before bulls stepped up and propelled it to highs of $7,800. This volatility comes as the crypto’s bulls and bears remain deadlocked as the end of the year fast approaches.
In spite of the firm downtrend that Bitcoin has been caught in since late-October, one analyst is noting that now could be one of the greatest buying opportunities of all time, as BTC is currently forming a technical formation only seen before major bull runs.
Bitcoin Runs Towards $7,800 Before Meeting Resistance
At the time of writing, Bitcoin is trading down under 1% at its current price of $7,300, which marks a notable surge from its daily lows of $7,000 that were set during the recent sell-off.
Bitcoin’s ability to post a strong bounce from these lows signals that bulls are not ready to expose the cryptocurrency to significantly further downside, and the rally sparked by this sell-off may signal that bulls currently have underlying strength. Read More..